On the Move:E.On, Endesa, Suez
From Standard & Poor's European MarketScope
RESOLUTION PLC was up £0.11 to £6.36. The company posted fiscal EEV of £6.13/sh, +18%; EEV £4.197 billion at December 31, 2006; IFRS operating profit was £532.5 million; EEV operating profit £390.9 million. The company said IRR on the Abbey business buy has improved from an original estimate of 16% to 18%. It added that it continues to assess possible acquisitions and has the scope to return capital to shareholders should it consider that the available transactions do not create sufficient value for them.
SEVERN TRENT was up £0.18 to £14.63. The company said it has delivered a trading performance in the year which is consistent with the Board's expectations. it is to reduce staff by around 600.
SUEZ (SZE) was up €0.92 to €40.57. Former French Finance Minister Michel Sapin has told Reuters that Segolene Royal's pledge to create a state energy cluster involving EDF and GDF does not imply a merger of the two groups.
ALSTOM was up €1.79 to €100.10. The company reportedly signed a joint venture deal to build nuclear power plants with Russia's state-controlled Atomenergomash. The company will have a 49% stake. In another development, the company is in discussions with Indian Bharat Heavy electricals to build nuclear power plants, according to Les Echos.
E.ON (EON) was up €7.37 to €109.47. Admitting defeat in its €42.3 billion attempt to acquire Endesa, E.On has struck a deal with Enel and Acciona.
CONTINENTAL was up €3.80 to €100.46. There was talk of a private equity bid at €120 per share.
METSO was up €0.61 to €40.63. Later this year, the company's board has decided to evaluate the possible deregistration and delisting of the company's shares from the NYSE in view of the revisions to the US Securities Exchange Act, which will take effect in early June 2007.
FINNAIR was down €0.10 to €12.99. In a press release the company announced that it will invest €300 million per year on new Airbus, and Embraer aircrafts mainly to support flights to Asia.
ACCIONA was up €7.40 to €170.20. The company, Enel (EN) and E.On agreed to a deal to carve up Endesa's assets.
ALITALIA was up €0.02 to €1.02. The company's shares continue to trade higher after the Italian government announced the names of the three consortia bidding for the company: Air One/ Intesa SanPaolo through Carlo Toto's AP Holding which is owned by Air One; the surprise came from the consortium of the Russian company Aeroflot with Unicredit, which have 95% and 5% respectively.
ENEL was up €0.10 to €8.20 on news of the Endesa deal.
SWISS LIFE was up CHF5.25 to CHF310.25. JP Morgan upgraded the company to overweight from neutral and increased its price target to CHF360 from CHF315.
TNT was down €0.30 to €34.37. The company plans job losses of 6,500 to 7,000 at Dutch mail unit between 2007 and 2010 and seeks to freeze wages to help lower costs by €300 million.